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Pons set to receive $397K in DROP payout in five years

Jeff Burlew, Tallahassee Democrat 3:52 p.m. EDT June 24, 2014

Leon County Superintendent Jackie Pons plans to enter the Florida Retirement System's DROP program starting next month, but he's not planning on stepping down in the middle of his next term if he's re-elected in 2016.

Leon County Schools Superintendent Jackie Pons plans to enter the Florida Retirement System's DROP program this month, but he's not planning on stepping down in the middle of his next term if he's re-elected in 2016.

Pons is participating in the state's Deferred Retirement Option Program, which allows pension-plan participants to essentially retire but stay on the job for up to five years. While in DROP, the monthly retirement benefit participants would be receiving goes into an interest-bearing account and can be paid out in a lump sum when employees or elected officials leave their post.

If he remains in DROP for five years, he would get a projected payout of $397,382, according to the Department of Management Services. His projected monthly retirement benefit would be $6,779.

Non-elected officials must leave their job when they exit DROP and not return to an FRS employer for six months. But elected officials are allowed to remain on the job, though they can't collect their DROP money or their monthly retirement benefits until they actually leave office.

Pons said he plans to remain in DROP through the entire five-year period, which ends in May 2019. He said he's tentatively planning to run for re-election in 2016.

"My plans are to run for superintendent again to serve the people," Pons said. "But I always make that decision about a year out. It's a little early to do that."

CORRECTION: The story has been changed to reflect what Pons would receive in his DROP payout and monthly retirement benefits. DMS provided incorrect information used in an earlier version of this story.